Ascential has concluded the disposal of 13 heritage brands, which included Drapers and Nursing Times, with the sale of Middle East business intelligence magazine MEED to GlobalData.
The sale was made for a consideration of US$17.5m, payable in cash and subject to normal working capital adjustments. The proceeds will be used to reduce Ascential’s net debt.
Ascential CEO Duncan Painter said: “Ascential’s strategy is to focus on its top performing brands to drive sustainable organic growth.
“GlobalData has consistently shown its commitment to owning the MEED brands, which have a strong presence in the local market, and have a clear plan for success in the Middle East region.”
